SLASSCOM hosts international compliance seminar for exporters
View(s):The SLASSCOM’s Legal Centre of Excellence is hosting an introduction to international anticorruption compliance specifically tailored to the concerns of local firms exporting or looking to export to the international market.
The event will be held on February 20 at the Dialog Auditorium at Excel World Entertainment Park in Colombo.
The speaker is Albert Kim, Legal Director at LegalBase. He is a US-licensed lawyer and former US government regulatory enforcement attorney and specialist in commercial litigation, antitrust issues, anticorruption compliance and corporate investigations.SLASSCOM acts as the catalyst of growth for the Sri Lankan IT and BPO industry among other issues.
A media release from the organisers of the event said that complying with international anticorruption laws is one of the top concerns facing corporate compliance departments today. The United States Foreign Corrupt Practices Act (FCPA) and more recently, the UK Bribery Act imposed significant criminal and civil penalties for violations. Fines range from hundreds of thousands to hundreds of millions of dollars, and the investigation costs often are enormous.
Many of the largest FCPA fines have been imposed on companies located outside the United States. In addition, multinational companies with business partners located in certain regions are protecting themselves by investigating existing and potential business relationships. These include distributors, suppliers, agents, joint venture partners, consultants and other business partners. Local companies looking to grow internationally need to be aware of these critical international compliance standards and assess how they should best respond, the statement said.
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